USD/CHF Price Analysis: Pullback from 50-day EMA shifts focus to weekly support trendline
|- USD/CHF slips from a two-week high.
- 61.8% Fibonacci retracement, 200-day EMA add to the resistances.
While extending its U-turn from 50-day EMA, USD/CHF drops 0.30% to 0.9583 ahead of the European session on Wednesday.
The pair currently declines towards 38.2% Fibonacci retracement of its fall from November 2019, at 0.9500. However, an upward sloping trend line since March 09, near 0.9470 now, could restrict further downside.
In a case where the bears dominate past-0.9470, 0.9400 and 0.9320 will offer intermediate halts to the pair’s southward trajectory towards the monthly low around 0.9180.
Meanwhile, a daily closing beyond 50-day EMA level of 0.9650 needs to overcome 61.8% of Fibonacci retracement, close to 0.9700, ahead of confronting 200-day EMA figures surrounding 0.9800.
Should there be a clear run-up past-0.9800, November month highs close to 1.0023 may lure the bulls.
USD/CHF daily chart
Trend: Pullback expected
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